Foundation Annual Report 2008/09 - State Library of New South ...

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notes to the financial statements for the year ended 30 June 2009 1. Summary of significant accounting policies (a) Reporting entity the State Library of new South Wales Foundation (the Foundation) is a controlled entity of the Library Council of new South Wales (the Library). the Foundation was established on 26 June 1989, is a not-for-profit organisation and it has no cash generating units. the reporting entity is consolidated as part of the nSW total State Sector accounts. the Foundation’s trust deed provides for monetary support for the development of the australian cultural heritage collections of the Library. the Foundation holds authority to fundraise CFn 14813 under the provisions of the Charitable Fundraising Act, 1991. the financial report for the year ended 30 June 2009 has been authorised for issue by the trustees on 5 august 2009. (b) Basis of preparation the Foundation’s financial report is a general purpose financial report which has been prepared in accordance with: • the provisions of the Trust Deed of 26 June 1989; • applicable Australian Accounting Standards including Australian Accounting Interpretations; • the requirements of the Public Authorities (Financial Arrangements) Act 1987 and Regulation; • the requirements of the Public Finance and Audit Act, 1983 and Regulation; • Treasurer’s Circulars issued by NSW Treasury; and • The requirements of the Charitable Fundraising Act, 1991 Property, plant and equipment and collection assets and financial assets “at fair value through profit or loss” are measured at fair value. other financial report items are prepared on an accrual basis and prepared in accordance with the historical cost convention. Judgements, key assumptions and estimations that have been made by management are disclosed in the relevant notes to the financial report. amounts in the financial report are rounded to the nearest one thousand dollars and are expressed in australian currency. (c) Insurance the Foundation’s insurance activities are included with the Library’s insurance coverage through the nSW treasury Managed Fund Scheme of self insurance for Government agencies. the expense (premium) is determined by the fund manager based on past experience. (d) Accounting for the Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GSt, except that: (i) the amount of GSt incurred by the Foundation as a purchaser that is not recoverable from the australian taxation office is recognised as part of the cost of acquisition of an asset or as part of an item of expense; and (ii) receivables and payables are stated with the amount of GSt included; the net amount of GSt recoverable from the australian taxation office is included as a current asset in the Balance Sheet. Cash flows are included in the cash flow statement on a gross basis. However, the GSt components of cash flows arising from investing and financing activities which is recoverable from, or payable to, the australian taxation office are classified as operating cash flows. (e) Personnel services expense the Foundation does not employ staff but utilises the personnel services of the Library on an ongoing basis. the personnel services expense is charged by the Library according to services performed. the Foundation has no employee obligations under this arrangement. 38 State Library of New South Wales Foundation annual Report 2008/09
notes to the financial statements for the year ended 30 June 2009 1. Summary of significant accounting policies (continued) (f) Income recognition income is measured at the fair value of the consideration or contribution received or receivable. additional comments regarding the accounting policies for the recognition of income are discussed below. (i) (ii) (iii) Grants and contributions Grants and contributions, including donations and government grants, are generally recognised as income when the Foundation obtains control over the assets comprising the grants and contributions. Control over grants and contributions is normally obtained upon the receipt of cash. Sale of goods Revenue from the sale of goods is recognised as revenue when the Foundation transfers the significant risks and rewards of ownership of the assets. Rendering of services Revenue is recognised when the service is provided or by reference to the stage of completion. (iv) Investment income interest revenue is recognised using the effective interest method as set out in AASB 139 Financial Instruments: Recognition and Measurement. Rental revenue is recognised in accordance with AASB 117 Leases on a straight-line basis over the lease term. Royalty revenue is recognised in accordance with AASB 118 Revenue on an accrual basis in accordance with the substance of the relevant agreement. imputation tax credits on investment income are recognised as revenue when the application for refund is approved by the australian taxation office. dividend revenue is recognised in accordance with AASB 118 Revenue when the right to receive the revenue is established. g) Assets (i) Acquisitions of assets the cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the Foundation. Cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire the asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised in accordance with the specific requirements of australian accounting Standards. assets acquired at no cost, or for nominal consideration, are initially recognised as assets and revenues at their fair value at the date of acquisition. Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction. Where payment for an item is deferred beyond normal credit terms, its cost is the cash price equivalent, i.e., the deferred payment amount is effectively discounted at an asset specific rate. (ii) (iii) Capitalisation thresholds Property, plant and equipment and intangible assets costing $5,000 and above individually, or forming part of a network costing more than $5,000, are capitalised. Property, plant and equipment the Foundation currently owns no property, plant and equipment. accordingly, no disclosures have been provided for revaluation of property, plant and equipment, for impairment of assets, for assets not able to be reliably measured, for depreciation of property, plant and equipment, for major inspection costs, for restoration costs, for maintenance, for leased assets and for investment properties. (iv) Intangible assets the Foundation recognises intangible assets only if it is probable that future economic benefits will flow and the cost of the asset can be measured reliably. intangible assets are measured initially at cost. Where an asset is acquired at no or nominal cost, the cost is its fair value at the date of acquisition. State Library of New South Wales Foundation annual Report 2008/09 39
Page 1 and 2: Foundation annual Report 2008/09 St
Page 3 and 4: Chairman’s report i wish to since
Page 5 and 6: Year in brief State Detail Library
Page 7 and 8: Jean Garling Bequest Conservators p
Page 9 and 10: discover Collections State Detail L
Page 11 and 12: Sponsors and partners So far, 23 on
Page 13 and 14: discover Collections highlights th
Page 15 and 16: Law & Justice has been enhanced wit
Page 17 and 18: the story of the development of Ran
Page 19 and 20: Curatorial talks State Showcasing L
Page 21 and 22: Volunteers State Volunteer Library
Page 23 and 24: Foundation members and donors State
Page 25 and 26: Showcasing collection treasures Mr
Page 27 and 28: Showcasing collection treasures dr
Page 29 and 30: trustees’ report and financial st
Page 31 and 32: State Library of New South Wales Fo
Page 33 and 34: trustees’ report for the year end
Page 35 and 36: trustees’ declaration for the yea
Page 37 and 38: Statement of recognised income and
Page 39: Cash flow statement for the year en
Page 43 and 44: notes to the financial statements f
Page 51 and 52: the State Library of new South Wale

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